Real estate investment adviser and asset manager Stoneweg has acquired a city centre site in Dublin in an off-market transaction, with plans to create a €100 mln+ co-living scheme.
The deal includes seven vacant buildings on Cork Street, Dublin 8. It marks the fourth investment for Stoneweg’s Ireland strategy, which is focused on addressing the undersupply of residential real estate, particularly in Dublin.
Christian Falster, head of Ireland operations at Stoneweg said: 'We’re very pleased to have completed this acquisition during the lockdown period, which we were able to do in part because of our professional team and the strength of our partnership on the ground in Dublin.
'This project is another strong addition to our portfolio of housing developments in a city where demand is significantly outstripping supply and institutional interest in income producing residential assets is growing.'
Subject to planning permission, the seven adjacent properties, which are largely derelict, will be demolished and redeveloped into a 397-unit co-living scheme.
The one acre site is located in Dublin city centre and zoned for residential development. It is close to the new National Children’s Hospital, which is due to complete in 2021 and will employ over 3,000 people, and within walking distance to Grafton Street and Trinity College Dublin.
Stoneweg currently has over 40 active mandates and strategies across both equity and debt in Europe and the United States, including Spanish residential development, European real estate bridge financing, European diversified opportunities and opportunistic strategies focused on Spain, Italy and Ireland. Its residential portfolio has a total value of €2 bn across Spain, Ireland, Italy and the United States.
